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e.l.f. (short for Eyes Lips Face ) Cosmetics was founded by Joseph Shamah and businessman Scott-Vincent Borba in June 2004, with the assistance of Shamah's father, Alan.
On February 3, 2014, TPG Growth bought a majority stake in e.l.f. Cosmetics. Joey Shamah was replaced by Tarang P. Amin as president, chief executive officer, and director.
In August 2023, the company acquired the West Hollywood -headquartered skin-care brand, Naturium, for $355 million. The acquisition was finalized in October 2023.
In April 2025, British professional auto racing driver Katherine Legge, supported by E.l.f. Cosmetics, competed in at least seven NASCAR National Series events, including a return to the NASCAR Cup Series in Mexico City in June of the same year. This partnership continues E.l.f.'s trailblazing presence in motorsports, following their role as the first beauty brand to sponsor a driver and activate at the Indianapolis 500.
In May 2025, E.l.f. Cosmetics became the first beauty sponsor of the National Women’s Soccer League (NWSL) in a three-year deal starting with the NWSL Challenge Cup. The partnership includes a talent development initiative, the “Glow for Glory Contest,” and content collaboration with Footballco. It aims to support young female athletes and promote leadership through sports.
E.l.f. announced on May 28, 2025 that it intended to acquire Rhode, Hailey Bieber 's beauty brand, for up to $1 billion. The acquisition was completed in August. E.l.f. plans to expand the Rhode brand into European Sephora Stores in 2026.